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Azure Power Signs Supply Agreement for Solar Modules with Premier Energies

Delhi-headquartered Azure Power Global Ltd. has entered into a supply agreement with Premier Energies, the Telangana-based PV cell and solar modules manufacturer. This agreement is for the supply of solar modules of approximately 600 MW capacity per year for coming four years.

Apart from this agreement, Azure Power has also invested Rs. 100 crore in Premier Group. Out of this amount, Rs 45.50 crore is towards the purchase of equity shares and compulsorily convertible debentures issued by Premier Energies Investment Pvt. Ltd. (PEIPL). This would translate to Azure Power having 26% shareholding in PEIPL.

The remaining Rs. 54.50 crore of Azure Power’s investment is towards PEIPL-issued optionally convertible debentures.